BMW to Set Up Tech Incubator in NYC, Looking for App Developers

BMW yesterday announced it will set up a tech incubator in New York City and is prepared to invest as much as US$100 million in start-ups developing location-based smartphone apps.

The fund, which will operate under the auto maker’s iVentures platform, hopes to seed innovative apps that will “improve personal mobility in urban areas and deliver extra comfort or smart advantages”, BMW said.

Such apps may help people find parking spaces, transportation routes or be able to deliver information to make urban commuting less of a hassle, reports The Wall Street Journal.

The development is part of BMW’s attempt to position itself as a mobility company rather than a car one, according to Fast Company. “We’re not coming at this from a car [perspective], we’re coming from a consumer [perspective],” Reimann told Fast Company.

BMW has already invested in one company called My City Way, which provides navigation and traffic services to phones, according to the Journal.